Solid Financial Results

Pfizer Inc. has announced its financial results for the first quarter of 2024, reporting revenues of $14.9 billion. The company's solid performance reflects continued growth in key products and significant progress in executing its 2024 priorities.

Revenue Decline and Growth

The first-quarter results saw a year-over-year operational revenue decrease of 19%, primarily due to the expected decline in revenues from Comirnaty and Paxlovid. However, excluding these contributions, Pfizer achieved an 11% operational revenue growth.

Earnings Per Share

Pfizer reported a first-quarter 2024 diluted EPS of $0.55 and an adjusted diluted EPS of $0.82. These figures include a favorable impact of $0.11 from a final revenue adjustment related to Paxlovid treatment courses returned by the U.S. government.

Cost Savings and Guidance

The company remains on track to deliver at least $4 billion in net cost savings by the end of 2024, as part of its previously announced cost realignment program. Pfizer reaffirmed its full-year 2024 revenue guidance of $58.5 to $61.5 billion and raised its adjusted diluted EPS guidance to $2.15 to $2.35.

Outlook

Pfizer's first-quarter performance underscores its ability to drive growth in key areas despite challenges. The company's commitment to its financial targets and cost-saving initiatives positions it well for continued success throughout 2024.

Highlights

• Pfizer reported first-quarter 2024 revenues of $14.9 billion.
• There was a 19% year-over-year operational revenue decrease, mainly due to declining Comirnaty and Paxlovid revenues.
• Excluding Comirnaty and Paxlovid, operational revenue grew by 11%.
• Reported diluted EPS for the first quarter was $0.55, with an adjusted diluted EPS of $0.82.
• The company is on track to achieve at least $4 billion in net cost savings by the end of 2024.
• Pfizer reaffirmed its full-year 2024 revenue guidance of $58.5 to $61.5 billion and increased its adjusted diluted EPS guidance to $2.15 to $2.35.

Data Source: https://s28.q4cdn.com/781576035/files/doc_financials/2024/q1/Q1-2024-PFE-Earnings-Release.pdf